5 Cheap Value Stocks Hedge Funds are Buying in 2022

3. Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Number of Hedge Fund Holders: 48

P/E Ratio as of May 27: 1.28

Share Price as of May 27: $26.35

Frontier Communications Parent, Inc. (NASDAQ:FYBR) was incorporated in 1935 and is based in Norwalk, Connecticut. It provides communications services for individual consumers and corporate clients in 25 American states. With a price to earnings ratio of 1.28, it is one of the pure value stocks favored by hedge funds in 2022.

Morgan Stanley analyst Simon Flannery upgraded Frontier Communications Parent, Inc. (NASDAQ:FYBR) on May 26 to Equal Weight from Underweight with a price target of $25, up from $24. The company has performed well so far as it executes an aggressive fiber strategy to boost growth, the analyst told investors. With Frontier Communications Parent, Inc. (NASDAQ:FYBR)’s short-term financing needs fulfilled and the valuation “looking more reasonable”, the analyst upgraded the stock but still sees multiple years of cash expenses and broadband competition ahead.

According to Insider Monkey’s data, 48 hedge funds were bullish on Frontier Communications Parent, Inc. (NASDAQ:FYBR) at the end of the first quarter of 2022, up from 46 funds in the prior quarter.